Is the deposit refundable if I change my mind?

Ontario provides a 10-day cooling-off period on pre-construction condos; freehold homes have different terms. Outside that window, deposits are generally non-refundable except in specific circumstances. Read the Agreement of Purchase and Sale with your lawyer.

How much is a typical deposit?

It varies by builder and release. The Windrose sales team will send the current deposit schedule when you register.

Do deposits count toward my down payment?

Yes — deposits paid before closing are applied toward the purchase price and form part of your down payment.

Are deposits protected?

Deposits on Tarion-registered new homes are protected up to program limits — see /blog/tarion-warranty-closing-costs-new-homes.

Can I use an RRSP for the down payment?

The federal Home Buyers' Plan may allow eligible first-time buyers to withdraw from an RRSP toward a down payment. Get advice from your accountant.

Pricing & Value

Deposit vs Down Payment on a New Home, Explained

Pricing & Value · ~6 min read · Updated 2026

"Deposit" and "down payment" get used interchangeably, but in pre-construction they're not the same thing — and confusing them can throw your budget off by tens of thousands of dollars. Here's what each is, when you pay it, and how to plan your Windrose purchase around both.

The deposit: what it is, when it's paid

In a pre-construction purchase, the buyer signs the Agreement of Purchase and Sale and pays a deposit in staged instalments over a number of months. The deposit secures the home, is held in trust, and is protected under Tarion up to program limits. Deposit schedules vary by builder and release.

Extended deposit structures

Some builders offer extended deposit structures that spread the deposit over a longer period, easing the upfront cash requirement. For details on how these typically work, see /blog/deposit-structures-pre-construction-ontario.

The down payment: what it is, when it's paid

Your down payment is your total equity contribution at closing. In pre-construction, the deposits you've paid in the years leading up to closing form part of that down payment, and any additional equity you need is contributed alongside your mortgage funding at final closing.

Deposit vs down payment, side by side

Attribute	Deposit	Down payment
When paid	Staged over months after signing	At final closing
Purpose	Secures the purchase	Your equity at closing/mortgage
Held by	In trust, protected under Tarion	Applied to purchase price at closing
Refundable?	In limited circumstances only	N/A — it becomes your equity

How they interact with your mortgage

Lenders look at your total down payment as a percentage of the purchase price when qualifying you. The deposits you've already paid usually count toward that percentage — so a well-planned deposit doesn't mean writing another giant cheque on top at closing, though you may need to top up if your target down-payment percentage exceeds the deposit total.

How to get the current Windrose schedule

The Windrose deposit schedule is release-specific. Registering brings the current schedule and pricelist directly from the sales team.

Get the current Windrose pricelist →

Frequently asked questions

Is the deposit refundable if I change my mind?: Ontario provides a 10-day cooling-off period on pre-construction condos; freehold homes have different terms. Outside that window, deposits are generally non-refundable except in specific circumstances. Read the Agreement of Purchase and Sale with your lawyer.
How much is a typical deposit?: It varies by builder and release. The Windrose sales team will send the current deposit schedule when you register.
Do deposits count toward my down payment?: Yes — deposits paid before closing are applied toward the purchase price and form part of your down payment.
Are deposits protected?: Deposits on Tarion-registered new homes are protected up to program limits — see /blog/tarion-warranty-closing-costs-new-homes.
Can I use an RRSP for the down payment?: The federal Home Buyers' Plan may allow eligible first-time buyers to withdraw from an RRSP toward a down payment. Get advice from your accountant.

— The Windrose Team

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